Posted July. 16, 2005 03:05,
As of the end of last year, the top one percent of real estate owners in Korea has more than half of all private land, demonstrating that the concentration of land ownership has reached a serious level.
The Current Status of Nationwide Land Ownership, a study released on July 15 by the Ministry of Government Administration and Home Affairs (MOGAHA), shows that as of the end of last year, the top one percent of the whole population (487,174 persons) owned 51.5 percent of the nations private land, or 29,165 square kilometers. The top five percent owns 82.7 percent of all private land, or 46,847 square kilometers.
This represents a 17.5 percent increase from 1986 when the top five percent of real estate owners possessed 65.2 percent of the nations private land and which is prior to the introduction of the public concept of land ownership in 1989. It also shows that the concentration of land ownership is getting worse.
As of the end of last year, the size of the nations territory was 99,642 square kilometers, with land prices standing at 1,771 trillion won on the basis of official land prices. Private land accounted for 56.9 percent of the total amount of national territory, or 55,661 square kilometers, and its real estate value was estimated at 1,145 trillion won.